PORTLAND, Ore. (AP) – A new state program will soon allow Oregonians with disabilities save money without fear of losing their state or federal benefits.
KNKX-FM reports that Oregon lawmakers created the new saving program following the passage of a 2014 federal law, which paved the way for people with disabilities to open tax-advantage savings accounts without disqualifying them from their benefits.
The program is open to anyone who was diagnosed with a disability before the age of 26. Individuals can contribute up to $14,000 a year. The money in the plans can be used tax-free on qualified disability-related expenses.
The state will begin rolling out the new program, dubbed the “Oregon ABLE Savings Plan,” on Dec. 6.